e-invoicing 101: SMEs MUST KNOW
Date:
14 May 2024 (Tue) @ 2.30PM
Speaker:
Zen Chow,
YYC Tax Practice Leader
14 May 2024 (Tue) @ 2.30PM
Speaker:
Zen Chow,
YYC Tax Practice Leader
Fill in your details to register now
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What is e-invoicing?
E-invoicing, also known as electronic invoicing.
An e-Invoice is a digital representation of a transaction between a supplier and a buyer.
An e-Invoice shall replace any other invoice formats that are presently adopted by businesses.
These include paper invoices, scanned invoices, invoices in pdf format, etc
An e-Invoice contains almost similar information as a traditional invoice, for example, supplier’s and buyer’s details, item description, quantity, price excluding tax, tax and total amount.
The difference is that an e-Invoice is a file created in the format specified by the IRBM which can be validated by the IRBM’s MyInvois Portal.
e-Invoicing, also known as electronic invoicing.
An e-Invoice is a digital representation of a transaction between a supplier and a buyer.
An e-Invoice shall replace any other invoice formats that are presently adopted by businesses.
These include paper invoices, scanned invoices, invoices in pdf format, etc
An e-Invoice contains almost similar information as a traditional invoice, for example, supplier’s and buyer’s details, item description, quantity, price excluding tax, tax and total amount.
The difference is that an e-Invoice is a file created in the format specified by the IRBM which can be validated by the IRBM’s MyInvois Portal.
e-invoicing Implementation timelines
e-invoicing will be mandatory for all businesses based on their turnover or revenue thresholds and will be implemented in phases. For businesses with an annual turnover of more than RM 100 million, the original implementation date of 1 June 2024, has been postponed to 1 August 2024.
However, following the budget announcement on October 13, 2023, the implementation date for all other businesses has been brought forward by 18 months to 1 July 2025, moving it ahead of the initial date of 1 January 2027.
Who should use e-invoicing?
All taxpayers undertaking commercial activities in Malaysia
1）Businesses engaged in the provision of goods and services
a. Business to Business (B2B)
b. Business to Consumer (B2C)
c. Business to Government (B2G)
2) Certain non-business between individuals (*Guidance will be provided in due course)
How does the e-invoicing system work?
WHAT ARE THE BENEFITS OF e-invoicing?
✅Increased productivity and automation ✅Better account reconciliation
✅Reduction of invoice processing costs
✅Greater transparency to the tax authorities
✅Improve the tax compliance, more efficient financial and tax reporting
✅Increased productivity and automation
✅Reduction of invoice processing costs
✅Reduction of invoice processing costs
✅Greater transparency to the tax authorities
✅Improve the tax compliance, more efficient financial and tax reporting
✅Implementation Timelines
Get insights into the latest e-invoicing implementation schedules and deadlines.
✅Mandatory Adoption
Discover who is required to adopt e-invoicing and the implications for your business.
✅Benefits of e-invoicing
Learn about the advantages, including cost savings and efficiency gains, associated with e-invoicing.
✅e-Invoice Workflow Overview
Understand the step-by-step process of e-invoicing, from creation to validation and submission.
✅e-Invoice Models
Explore different e-Invoice models and how they can benefit your organization.
✅Scenarios Requiring e-Invoices
Find out when e-Invoices are essential for proof of income and expenses.
✅Required Fields
Get a comprehensive list of the essential fields for creating an e-Invoice.
WHO SHOULD ATTEND THIS WEBINAR?
✅Chief Executive Officers✅Chief Financial Officers✅Financial Planners & Controllers
✅Tax Agents
✅Tax Advisors and Consultants
✅Corporate Accountants
✅Corporate Tax Managers/Executives
✅Business Consultants
✅Financial Planners & Controllers
✅Tax Agents
✅Tax Advisors and Consultants
✅Corporate Accountants
✅Corporate Tax Managers/Executives
✅Business Consultants
SPEAKER
Zen Chow
Zen Chow
BBusCom (Monash), CPA (Aust.), C.A. (M), FCTIM, CTP
Executive Director and Tax Practice Leader in YYC Group
BBusCom (Monash), CPA (Aust.), C.A. (M), FCTIM, CTP
Executive Director and Tax Practice Leader in YYC Group
YYC Group
YYC Group is one of the top ten accounting firms in Malaysia. By providing one-stop professional solutions including auditing, accounting, taxation and business consulting, and corporate training to enterprises, it is highly regarded by entrepreneurs for its innovative professional services.
YYC was established in 1974. We have 50 years of experience assisting other companies to expand their businesses. This is a successful enterprise that is widely recognized by local entrepreneurs. Now, it has come to the second generation and is jointly operated by a sister and brother duo. Together, they lead more than 800 employees to provide the most sought-after professional services. We have more than 5 decades of market experience. Therefore, YYC is quite familiar with the dynamic global market. We have also helped several domestic and foreign businesses to grow their market share.
YYC was established in 1974. We have 50 years of experience assisting other companies to expand their businesses. This is a successful enterprise that is widely recognized by local entrepreneurs. Now, it has come to the second generation and is jointly operated by a sister and brother duo. Together, they lead more than 800 employees to provide the most sought-after professional services. We have more than 5 decades of market experience. Therefore, YYC is quite familiar with the dynamic global market. We have also helped several domestic and foreign businesses to grow their market share.
Further Inquiries?
Please Contact +6011-16687309 (WhatsApp, HERE)
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